Statistically, Denver is Still in a Seller’s Market
With 1.73 months of housing inventory across all price ranges in the Denver area, we are technically still experiencing a seller’s market. Homes priced above $1 million have the most inventory, however, with single-family homes at 4.93 months of inventory, just under the five months that signify a balanced market. The month of July ended with 4.36 months of condo inventory. Large condo projects like Laurel in Cherry Creek have been closing on units, pushing up the number of higher-priced condo sales.
Home Prices are Peaking
The average sold price in the residential market in July was $498,960, down slightly from June’s $500,010, still up 4.27% year over year. The median sold price was up slightly month over month to $434,000 from $429,000. The average single-family home price was up 0.58% from June to $551,516. Year to date, the average sold price was up 1.83%. The average condo sale price was down 1.46% in July to $362,922; this is lower than the past three months, but up 3.01% year to date.
Sellers Homes on the Market for What Felt Like a Long Time Compared to Last Year
The median days on market for single-family homes and condos was up 37.50% month over month to 11 days. While that percentage may seem high, home sellers only had to wait three more days to sell their homes in July this year compared to last. Year to date it’s taking, on average, 29 days to sell a home compared to 24 days last year.
Metro Denver is a seller’s market by months of inventory, but continues to head toward a balanced market, with conditions favoring buyers — like historically low interest rates, price reductions, and more homes to choose from with more time to choose.